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Tips to help grow savings

6th March 2022 Print
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After a difficult couple of years with a global health crisis, money is starting to look just that little bit tighter for a growing number of people, and as the cost of living increases with price hikes to energy and groceries, finding ways to expand savings or get just that little bit extra may have a bigger impact too. Whilst cutting back is the name of the game, it is important to keep some creature comforts – online services like those here at have provided entertainment throughout the past couple of years, much like online streaming platforms for TV and movies and music too and keeping entertainment options open is a great way to stave off the frustration that may come with cutting back elsewhere. 

Cut back, don’t cut off – Much like the statement above, often times the easiest way to save money is to simply cut off a service or habit, whether this be quitting the weekly trip to the movies or cancelling a favorite streaming subscription, but this often just leaves a yearning for that same thing instead. Instead of completely cutting off, finding a way to compromise, and cut back can save the money whilst also keeping the creature comforts too. 

Record expenses, and budget after – The only way to really know where money may be going is to record exactly what those expenses are – taking the time to record where spending is going over the course of a month or two highlights the exact areas where compromise can be made, there are plenty of tools out there to help with budgeting too so after expenses are recorded, using these budgeting tools is a great way to stay on top of expenses and to ensure that spending isn’t going off track too.

Automate savings wherever possible – If saving and spending has to be managed manually, there’s always going to be periods of time where judgement may not always be as sound as it should be – automating this process is the best way to ensure that savings go directly where they need to be, and that spending is also kept within certain boundaries too. Much like budgeting, there are lots of tools that can help with this and have been designed specifically to help automate spending habits and can be used to great effect.

Much like many other substantial changes, however, it’s always important to remember that saving money is a gradual process – trying to implement changes immediately all at once often leads to the higher likelihood of failure, so take gradual steps and see improvements over time, rather than sweeping changes that could lead to yearning for how things were.

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